Thursday, May 10, 2012

31st New Condo Tower Proposed For South Florida Since Crash In 2007

MIAMI, FL -- A 31st new condo tower - this one proposed for Hollywood Beach - is being planned for South Florida as the coastal market increasingly shows signs of recovering from the dramatic real estate crash that began in 2007, according to a new report from

The proposed seven-story Positano Phase II tower on North Ocean Drive immediately south of the nine-story Villas Of Positano (top left photo) in Hollywood Beach in the Hollywood / Hallandale Beach coastal market, according to the Preconstruction Condo Projects list.

With presale prices beginning at $450 per square foot, the 17-unit Positano Phase II project is slated to feature spacious floor plans ranging from about 3,200 square feet to 3,800 square feet each just east of Hollywood's popular Beach Broadwalk, according to the licensed Florida brokerage CVR Realty™. is scheduled to profile new unit sales by project in the first quarter of 2012 in the seven largest coastal condo markets in the tricounty South Florida region of Miami-Dade, Broward, and Palm Beach counties.  

For a complete copy of the company’s news release, please contact:

Condo Vultures® LLC is a real estate consultancy and marketing company based in the 225 Midtown Building at 225 NE 34th St., Suite 209B, Downtown Miami, Florida, 33137. Condo Vultures® LLC can be reached at 800-750-0517.

Aimco Purchases Upscale Apartments in a Desirable Phoenix Submarket

DENVER, CO, May 10, 2012 /PRNewswire/ -- Apartment Investment and Management Company ("Aimco") (NYSE: AIV) has acquired San Melia Apartments (top left photo), a 488-unit community located at 14435 S. 48th Street in Phoenix, Arizona. 

Aimco purchased the luxury apartment community from Investment Property Associates, LLC for $68.8 million. The Cooke Team at Colliers International was the broker for the transaction. With the addition of San Melia, Aimco's Arizona portfolio consists of 10 market-rate properties with a total of 2,409 units.

"San Melia is an outstanding apartment community in a highly attractive submarket of Phoenix where we expect solid returns on our investment," said Aimco Executive Vice President of Transactions John Bezzant (lower right photo).

 "It is conveniently located in proximity to a host of services and employment centers, and the property's high-end amenities create an exceptional living environment for our residents.

“With the new Aimco management team in place, residents can expect superior customer service, a well-maintained property, and the security and convenience of living in a professionally managed apartment community."

For a complete copy of the company’s news release, please contact:

 Cindy Duffy of Aimco,
 +1-303-793-4834, or

HFF expands Florida presence by opening Orlando office

 ORLANDO, FL – HFF announced today that it will expand its Florida presence by officially opening an office in Orlando with an immediate focus on debt, equity placement and investment sales.

 HFF will seek to add transaction professionals to the Orlando office who specialize in the firm’s other capital markets platform service offerings as well as property specialties, where appropriate. 

Senior managing director Brad Peterson (top right photo), who is a member of HFF’s investment sales retail practice group, and was formerly in HFF’s Miami office, will handle the day-to-day operations of the Orlando office.

 Executive managing director Manny de Zárraga (middle left photo), who leads the firm’s Special Assets Group, manages the Miami office and oversees the overall Florida market, will help oversee the Florida expansion from the Miami office.

“We are excited about this expansion into an important Florida market.  We look forward to adding key personnel to our Orlando office to better serve our local, regional and national clients as well as enhance our regional and national platforms,” noted de Zárraga and Peterson.

“As with the offices we recently opened in Tampa, Florida; Austin, Texas; and Denver, Colorado, HFF’s goal is to strategically build-out the full platform of services and property specializations in our new Orlando office. 

“We are actively seeking to hire and retain associates who have the highest ethical standards and the best reputations in the industry to achieve this objective, and are confident that Manny and Brad will successfully grow our Orlando office,” said John Pelusi (middle right photo), executive managing director and managing member of HFF.


HFF Senior Managing Director         
(407) 286-5224                                    

MANUEL A. DE ZÁRRAGA             
HFF Executive Managing Director        
(305) 448-1333                                       

HFF Executive Managing Director
 (412) 281-8714

HFF Associate Director, Marketing
(713) 852-3500

Manhattan Mixed-Use Building Sells for $23.6 Million

NEW YORK, NY,  May 10, 2012 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has arranged the sale of 680 Saint Nicholas Ave (top left photo), a 117-unit apartment building with five retail tenants and a cell phone antenna.

The sales price of $23,650,000 equates to $202,137 per unit and $179 per square foot.

Peter Von Der Ahe (middle right photo), a first vice president investments, Scott Edelstein (middle left photo), an associate vice president investments, and Seth Glasser (lower right photo), an associate, all in Marcus & Millichap’s Manhattan office, represented the both the buyer and the seller. 
  “This asset is the largest single building sold in Harlem this year and one of the fewer than 10 100-plus-unit apartment buildings sold in Manhattan thus far in 2012,” says Von Der Ahe. “The sale reflects the interest many investors have in this segment of the affordable housing market.”

“Investors are drawn to affordable housing’s consistent cash flow and long-term upside,” adds Edelstein. “680 Saint Nicholas Ave. is a prime corner building with a housing assistance payment contract in place through 2015.”

The eight-story elevator building is built 80-feet by 90-feet and sits on a 184-foot by 101-foot lot: block: 2051, lot: 0054 in the C1-4/R7-2 zone. The unit mix features 83 percent one- and two-bedroom apartments.

 Contact: Stacey Corso, Public Relations Manager, (925) 953-1716

Lincoln Property Co. Southeast Arranges Sale of 147,389-SF Orlando Industrial Building

 ORLANDO, FL (May 10, 2012) – Lincoln Property Company Southeast has brokered the $3.5 million sale of Silver Star Logistics Center (top left photo), a 147,389-square-foot manufacturing and logistics center in Orlando, Fla. An undisclosed buyer purchased the property from the seller.

Joe Ross (middle right photo), senior vice president of investment services for Lincoln Property Company Southeast’s Orlando office, represented the seller.

 The 7.32-acre property, which has been primarily vacant for more than three years, features 6,820 square feet of office space, 28-foot clear ceiling heights, an extensive sprinkler-security system, rail-spur service, covered loading docks and parking for more than 30 trailers. It islocated less than three miles from downtown Orlando.

 “We took over the sale and leasing assignment for this property in September 2011 and were able to quickly generate interest from potential tenants and buyers alike,” Rossi said. “This transaction represents a great deal for our client and is a strong testament to the demand for largewarehouse buildings in our improving economy.”

 For more information on the Southeast Region of Lincoln Property Company, please visit

To check out the blog, go to


Stephen Ursery
Wilbert News Strategies

New Orleans Hotel Collection Announces Summer Travel Season Special Overnight Packages

NEW ORLEANS, LA – May 10, 2012 - The New Orleans Hotel Collection has announced a variety of New Orleans vacation deals at the seven hotels of the collection during the leisure travel months of the summer and into early fall.

The most exciting offer is the Collection’s “Great Escapes – Summer in the City.”  This offer, taken from a longtime favorite promotion once featured at New Orleans’ venerable Pontchartrain Beach Amusement Park (top left photo), offers guests all they might need for a stay in New Orleans, at a single price.
 Starting at as low as $119 for single or double occupancy for a weeknight stay at one of the comfortable luxury hotels of the collection, guests are offered free parking, a welcome drink on arrival, free  continental breakfast, free wireless internet,  free shopping coupons (value $250), and free in-room bottled water and coffee.

For a complete copy of the company’s news release, please contact:


Marc Becker
Area Director of Marketing
(504) 527-0407

 Patrick Daly
Account Supervisor
Daly Gray, Inc.
Office:  (703) 435-6293
Cell:  (703) 300-8289

Atlanta Gets Several New Opportunity Zones

ATLANTA, GA (May 10, 2012) – Invest Atlanta, the city of Atlanta’s economic development agency, said today the state of Georgia has designated four new Opportunity Zones in the city.

The new Opportunity Zones, designated as such by the Georgia Department of Community Affairs, are for areas bounded by North Avenue and Atlanta Industrial Park #1, Atlanta Industrial Park #2 and Atlanta Industrial Park #3.

New or existing businesses located within an Opportunity Zone are eligible for a yearly income tax credit of $3,500 for each new job created as long as they create at least two net new jobs.

 The annual tax credits are good for up to five years, meaning a business could be eligible for up to $17,500 in tax credits if they hired at least two new people per year.

“Opportunity Zones encourage economic development and help create jobs in areas where this activity otherwise might not occur,” said Brian P. McGowan (top right photo), president and CEO of Invest Atlanta. “In other Opportunity Zones such as the City Hall East/Ponce City Market zone, we are seeing major investments being made that are creating scores of new jobs.”

Atlanta Mayor Kasim Reed (middle left photo), chairman of Invest Atlanta, was informed of the city’s new Opportunity Zones in a letter from Georgia Department of Community Affairs Commissioner Mike Beatty. The designations will be good for tax years 2012 through 2022 and can be renewed.

“Opportunity zones not only help create new jobs and new businesses with attractive tax incentives, they encourage new development in targeted areas across our city,” Mayor Reed said.

 “I am pleased that the state has designated these new opportunity zones as it will enable us and Invest Atlanta to offer even more appealing options to companies and entrepreneurs to do business in Atlanta.”

For more information on how Invest Atlanta can provide solutions for you or your business, contact us at: 404-880-4100, e-mail: or visit us at:

To get the latest updates, follow us on Twitter @InvestAtlanta, and Like us on Facebook

For a complete copy of the company’s news release, please contact:

Tony Wilbert
Wilbert News Strategies
404-965-5022 (O)
404-405-3656 (C)

MetLife to Purchase Reynolds Plantation in Georgia

ATLANTA, GA,  May 10, 2012 – MetLife announced today that it has entered into an agreement to purchase Georgia's premier golf and resort community, Reynolds Plantation (top centered photo), located on Lake Oconee, 70 miles east of Atlanta.

The acquisition will include The Ritz-Carlton Lodge, six championship golf courses, four full-service marinas and nearly 5,000 acres of undeveloped golf and waterfront property. The transaction is anticipated to close during the summer, subject to customary closing conditions. Terms were not disclosed.

"Reynolds Plantation is an exceptional development, and we're excited about the opportunity to become the new owner," said Robert Merck (middle right photo), senior managing director and head of real estate investments for MetLife.

"This is a premier community with world-class amenities, a great reputation and a strong future. MetLife has been a real estate investor for over a century, and this transaction represents an outstanding investment opportunity for us."

MetLife is engaging Daniel Corporation to oversee all day-to-day operations at Reynolds Plantation. The Daniel team will work in cooperation with MetLife's Atlanta Regional Office, headed up by Regional Director Tom Coakley. The Atlanta office manages the company's real estate investments in the southeastern United States.

For more information on Reynolds Plantation,  please visit
For more information on MetLife, please visit
For more information on Daniel Corp., please viisit

For a complete copy of the company’s news release, please contact:

Christopher Breslin
MetLife (212) 578-8824

Rachel Tobin
Jackson Spalding (404) 724-2501

Traci Buch
Jackson Spalding (404) 214-3596

Industry leader Gail Crowder joins Avison Young in Atlanta


ATLANTA, GA, May 10, 2012 /PRNewswire/ - Steve Dils (lower right photo), Avison Young Principal and Managing Director of the company's Atlanta office, announced today that leading real estate professional Gail Crowder (top left photo) has joined Avison Young'sbrokerage operations in Atlanta.

Effective immediately, Crowder joins Avison Young as a Principal. She will focus on her specialty of office-tenant representation and provide multi-market advisory services for corporate and international clients.

She will also continue her significant work with foreign governments, assisting them with the locating and selection of Consulate offices and other regional premises.

For a complete copy of the company’s news release, please contact:

 Media Relations:             
Sherry Quan                 
(604) 647-5098 or (604) 726-0959

Agree Realty Announces Kmart and Best Buy Lease Extensions in Michigan

FARMINGTON HILLS, MI /PRNewswire/ -- Agree Realty Corporation (NYSE: ADC)  announced that pursuant to their existing lease agreements, Kmart exercised its two-year options in Grayling, Michigan as well as Oscoda, Michigan.

Both locations are free-standing stores which opened in 1984.  The Grayling store is 52,320 square feet and the Oscoda store contains 90,470 square feet.  The extended leases will expire on September 30, 2014. Kmart retains additional options at the tenant's election.

Additionally, Best Buy extended their lease for three years at the Company's North Lakeland Plaza in Lakeland, Florida.  The new lease expiration date will be January 31, 2016.  Best Buy occupies approximately 52,000 square feet in the shopping center, which is also anchored by Beall's Department Store and JoAnn Fabrics. North Lakeland is the Company's only lease with Best Buy.

The Company's remaining lease expirations in 2012 amount to 20,536 square feet and $161,123 of annualized base rent, representing 0.6% of gross leasable area and 0.5% of annualized base rents as of March 31, 2012.


 Alan Maximiuk,
Chief Financial Officer,

Marcus & Millichap Sells 60-Unit Apartment Property in Pompano Beach, FL

POMPANO BEACH, FL – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of Yellow Park Portfolio (top left photo), a 60-unit apartment property located in Pompano Beach, FL, according to Gregory Matus, Vice President/Regional Manager of the firm’s Ft. Lauderdale office.

The asset commanded a sales price of $2,065,000.

Derek R. Gibbs, Daniel J. Cunningham and Tal I. Frydman (middle right photo), investment specialists in Marcus & Millichap’s Ft. Lauderdale office, had the exclusive listing to market the property on behalf of the seller, a partnership from Latin America.  The buyer, a limited liability company from Boca Raton, was also secured and represented by the listings agents.

“This was a real estate transaction with many moving parts and unique challenges.  The sellers were international investors who had to travel to Florida for the closing.  Also, one of the five buildings is vacant and needs significant renovations. 

The buyers, who are local to South Florida, intend to stabilize the asset by completing the renovation and making the vacant building operational to take advantage of the upside of rental increases,” says Gibbs. 

Yellow Park Portfolio consists of five non-contiguous two-story buildings that contain a total of 58 one-bedroom/one-bathroom units and two two-bedroom/one-bathroom units.

 The property is located south of Atlantic Boulevard, north of McNab Road and west of South Cypress Road at 170 SW 8th Street in Pompano Beach, Fla.

Press Contact:  Ashley Steele, (954) 245-3400

Arbor Appoints Matthew Nihan as Originator in New York City Office

UNIONDALE, NY (May 10, 2012) - Arbor Commercial Mortgage, LLC (“Arbor”) today announced the promotion of Matthew Nihan (top right photo) to Originator in the company’s New York City office.

Mr. Nihan is responsible for originating loans under all of Arbor’s multifamily and commercial product lines, including Fannie Mae, FHA and Bridge. Mr. Nihan reports to Ken Fazio (middle left photo), Senior Vice President, National Production Manager.

Previous to this role, Mr. Nihan served as Senior Analyst of Commercial Bridge Loan Origination for Arbor, during which time he was responsible for the initial evaluation, screening and analysis of bridge lending opportunities for all asset classes.

Mr. Nihan joined Arbor in November of 2010 as a Loan Origination Analyst tasked with flowing new loans through all phases of the loan closing process.

 Prior to joining Arbor, Mr. Nihan was an Analyst at Ackman-Ziff Real Estate Group, LLC, and held project manager positions at MEC Contracting Corporation and MKG Construction & Consulting.

Mr. Nihan received a Master’s degree in real estate finance and investment from New York University. He received his Bachelor’s degree in finance from Loyola College. He resides in New York City.

Contact: Christopher Ostrowski,

NAI Realvest Negotiates New Industrial Lease of 4,050 SF in Orlando

 MAITLAND, FL – NAI Realvest recently negotiated a new lease of 4,050 square feet of industrial space at 5612 Carder Road, Suite 1D in Orlando.

 Tom R. Kelley, II (top right photo) CCIM, principal at NAI Realvest, represented the landlord, Freese Management of Oviedo in the transaction.  S & S Machining, Inc. of Orlando is the tenant.    

 NAI Realvest is exclusive leasing agent for the 31,000 square foot building at 5612 Carder Rd. which is currently 92 percent leased

For more information, contact

Tom Kelley, CCIM, Principal NAI Realvest 407-875-9989;
Patrick Mahoney, President, NAI Realvest, 407-875-9989;
Larry Vershel or Beth Payan, Larry Vershel Communications, 407-644-4142.

Marcus & Millichap Capital Corp. Names Colton Smith Associate Director in Salt Lake City, UT

  SALT LAKE CITY, UT– Marcus & Millichap Capital Corporation (MMCC) has named Colton Smith (top right photo) an associate director in the firm’s Salt Lake City office, according to William E. Hughes (middle left photo), senior vice president and managing director of MMCC.

This is Smith’s second stint with MMCC; he was previously an associate director in MMCC’s Denver office from 2006 to 2010.

“We are pleased to welcome Colton back to the firm,” says Hughes. “His extensive knowledge and experience will again significantly contribute to MMCC’s ability to provide our clients with superior capital market expertise and highly competitive loan products.”

Prior to rejoining MMCC, Smith operated a commercial real estate private money fund. He is the founder and past owner of real estate development company CS Homes of Utah, and has worked as an investments manager in charge of land acquisition for Front Gate Companies, also based in Salt Lake City.

Smith has a bachelor’s degree in public relations from the University of Utah, and an MBA and a master’s certificate in real estate and construction management from the University of Denver.

He currently holds a Colorado real estate broker’s license and is a member of the International Council of Shopping Centers, the Urban Land Institute and the Mortgage Bankers Association.

Press Contact:  Stacey Corso ,Marcus & Millichap Capital Corporation
(925) 953-1716    

McCraney Property Co. Signs Lease for 150,000-SF Build-To-Suit in Its Orlando Central Park Project

ORLANDO, FL and  WEST PALM BEACH, FL – McCraney Property Company, an integrated developer and manager of commercial/industrial flex and warehouse distribution properties located throughout Florida, announced that it has signed a 10-year lease on a 150,000 square-foot  build-to-suit project on 25 acres in its Orlando Central Park project.

 “This is the first Central Florida project greater than 100,000 square feet to be constructed in the last four years,” said Steven McCraney (top right photo), CEO of the company he founded more than two decades ago.

The tenant is Dade Paper, a large regional distributor of disposables, janitorial supplies and equipment.  The company is relocating its current Central Florida facility to modernize and accommodate the growing demand for its products and services. 

 CBRE Senior Vice President David Murphy (top left photo) represented the tenant on the deal.

 “We are excited to be the beneficiary of the strengthening Orlando industrial market being fed by demand for Class A industrial/flex space along the I-4 corridor,” McCraney said.

Land development is expected to begin within the next month.

 Orlando Central Park/John Young Parkway (middle right photo) comprises 7,000 acres and includes 10 million square feet of multi-tenant industrial and low-rise office product. 

 In addition to the build-to-suit project, McCraney recently inked three new leases in Orlando Central Park including:

  • Pepperidge Farm, 12,900 square-feet  for an office, warehouse and distribution site; 
  • Savery USA, a supplier of stainless steel food processing and packaging equipment, for the food and dairy industries,  leased 15,676 square feet for warehouse and distribution;
  • Ryan Herco Products Corp., a national distributor of fluid handling products and high value filtration, leased 15,000 square feet.

“Although the market has been brutal for the last four years, we are encouraged by the recent pickup in leasing activity. As we all know, when the economy improves, people are willing to get off the sidelines and invest in their businesses,” said McCraney.

 McCraney Property Company ( develops and manages commercial/industrial, office/flex, office, and warehouse distribution properties located in West Palm Beach, the Treasure Coast and Orlando, Florida. 

The company has developed corporate holdings exceeding 2,000,000 sq. ft.  Services include development of class A business parks, acquisitions, joint venture investments, construction and property management. 

Led by President and CEO Steven McCraney, the company is very active in the commercial real estate industry and through its philanthropic endeavors in the communities it serves. 

For more information, call (561) 478-4300.

 Media Contact:

 Don Silver ( or
Teresa Shum ( of Boardroom Communications,